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Adding a Flare of Luxury to Your Brand

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Luxury can be defined as something that increases comfort and pleasure without being absolutely necessary. Expert craftsmanship, careful attention to detail, the use of finest materials, guaranteed quality and the best possible customer service are just some of the terms associated with a luxury brand. That said, customer service is the only factor capable of shaping brand reputation, which is exactly the reason why the most luxurious brands in the world maintain their status by making their customers feel special. Here is how they do it.

Using employees as brand ambassadors

Company employees are a valuable asset in brand promotion, but in order to promote your brand, they have to know every little detail about it. What type of materials are going into the final product, where do they come from, how the product is made, what services your company offers and what can you do to guarantee quality are just some of the questions customers tend to ask and your employees need to be able to provide them with all the information they need, the moment they need it.

Offering exclusivity

Luxury and exclusivity are two sides of the same coin and a number of high-profile brands rely on exclusivity in order to sell luxury. They market their products and services to as many people they can knowing that only a few will be able to actually enjoy the luxury of their products and services. But exclusivity can also be used to reward loyal clients and customers and provide them with an outstanding experience they will hardly forget anytime soon.

Positioning the brand as authentic

Exclusivity means that brands are offering a high-quality product or an outstanding service to a select group of people. Authenticity, on the other hand, means that brands are not offering mere products and services, but rather a way of life. Saying your brand is authentic is one thing, but being authentic lies in the way you deal with your customers and connect with them on an emotional level. This way, your customers are not investing in a brand, but in something that makes them who they are.

Going the extra mile

Developing a luxurious brand means going above and beyond of what your clients and customers expect. Even the smallest of things such as referring to your customers by their name, knowing whether they have invested in your brand before and generally, treating them like royalty will do the trick. Listen to their concerns, use that information to further improve business and make sure that everything your brand is offering is more luxurious than what they remember.

If you have a client flying in for a meeting, make sure to send a representative to greet them, prepare a suitable hotel room and a corporate chauffeur ready to take them to and from the hotel. Remember, not all companies who rent corporate cars in Sydney are the same, which is why you need to be careful when choosing a company capable of providing you with the level of luxury you desire.

Luxury is more about the little things that make customers fall in love with a brand. Whether it’s offering high-quality products, unique customer experience, handling your clients with utmost care or simply being unique, there’s a number of ways companies can add a little bit of luxury in the way they do business. Try to use exclusivity as a vehicle for authenticity and let your actions speak for themselves, instead of simply trying to market your brand. This will reaffirm your position as a luxury brand and allow you to stand out from the rest of the competition.

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  1. Sydney Chauffeurs

    December 20, 2018 at 6:41 pm

    Thanks for Sharing this.

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Business

NCDMB: The agency providing funding, incubation and mentorship opportunities for technology startups and innovators

Segun Balogun

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Win up to $10,000 Seed Funding in the NCDMB Oil & Gas Technology Hackathon 

The Nigerian Oil and Gas Technology (NOGTECH) programme is the first ever Oil and Gas hackathon with the primary aim of fostering innovations in the oil and gas industry as well as creating a platform for the proliferation of local content. The programme is headlined by the Nigerian Content Development and Monitoring Board (NCDMB) with partnership from Learners Support Consultancy and BrentHub.

NOGTECH aims to address the challenges faced by the nation’s oil and gas industry and its linkage sectors by ideating, developing and prototyping digital technology solutions that solve these pertinent problems. The programme is promoting innovation by offering seed funding, business mentorship and incubation to the winning ideas.

Call for Submissions

The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, disclosed that “five teams will get $10,000 equity-free grants each”.

 

 

In a webinar session titled “Innovating for the future of Nigeria’s Oil & Gas Industry and its Linkage Sectors.”, Engr. Wabote revealed that submissions into the programme will be scrutinised based on several factors.

”Participants must be a team/company of at least two or more members with at least 75 percent of the founding team as Nigerians. The team/company must be a registered, or intending to register as a profit/business entity. The solution described in response to the challenge must be driven by digital technology – Software, Hardware or both.”

He also disclosed that “the solution must either be at the ideation stage, prototype level or a launched solution that hasn’t gained commercial traction. The team must be available to participate in a three-day hackathon as well as a three-month incubation programme, if selected.”

Solving the Industry’s Toughest Challenges

NCDMB is determined to unearth scalable solutions to the industry’s biggest challenges. Some of the identified problem areas include the rising problem of pipeline vandalism, increase in cyber-physical risk, widening skill gap, supply chain and logistics inefficiency, rising carbon footprint and issues surrounding transparency, accountability and civic engagement.

Innovators are encouraged to proffer sustainable and scalable solutions to these biggest challenges faced by industry stakeholders.

Pitching to Investors

Ultimately, the winning teams will have an opportunity to pitch their prototypes to investors. But before then, the NOGTECH programme is taking place over several weeks with the selected ideas advancing on a stage by stage basis.

The first stage is the call for submissions where teams and startups are encouraged to submit their ideas. Shortlisted teams in each of the challenge areas will first be invited to present online to a team of experienced entrepreneurs and industry professionals. The most promising teams will then be selected to participate in an all-expense paid 3-day hackathon. Submit your ideas here

During this time, shortlisted participants will have a couple of days to collaborate and build their prototypes or fine-tune existing prototypes with guidance from industry stakeholders, experts and mentors. At the end of the bootcamp, teams will revalidate their solutions and have the opportunity to pitch to a panel of judges.

Prizes for Winning Teams

The winning five teams will undergo a 3-month incubation program where each team will get a $10,000 equity-free grant, a work-space, expert mentors, global partners and unprecedented market access over three-months, ensuring they become commercial and investor-ready.

At the end of the incubation, the teams will participate in a showcase day to demonstrate their progress. This showcase will aim to connect them with investors and industry stakeholders where they can further amplify their market access.

So if you are an innovator seeking opportunities, identifying them and seizing the ones that then match, then you have to apply to NOGTECH.

In order to participate in the hackathon, innovators, teams and startups can get started here.

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Blue Ridge Enhances Machine Learning Capabilities for Price Optimization

Segun Balogun

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 Blue Ridge announced today enhancements to its suite of next-gen cloud-based Price Optimization solutions, which leverage machine learning to quickly identify opportunities and simulate pricing strategies for peak margin, profits, revenues and sales. The pricing suite supports end-to-end pricing transformations, a strategy proven to minimize disruption and drive significant earnings expansion for distributors and retailers.

Blue Ridge’s Price Optimization solution quickly identifies both overpriced and underpriced products while providing accurate recommendations for aligning prices across products, channels and price points including wholesale, list and customer segment. The solution provides daily alerts on competitive price changes to react quickly in price-transparent ecommerce channels, as well as make recommendations on reducing excess inventory to create significant value and profit margin improvement.

“Today’s enterprises and brands have seen the impact when supply chains and demand signals disrupt markets,” said Ray Wang, Principal Analyst & CEO, Constellation Research, Inc. “Those leaders who had the right price optimization tools were able to respond with agility, resiliency, and speed to account for new signal intelligence and ensure that customers were satisfied, margins were met, and supply chains were not disrupted.”

A report by McKinsey & Company illustrated the latent benefits of intelligent pricing, estimating that “A one-percent price increase would yield 22 percent increase in EBITDA margins, and a 25 percent uplift in stock price. Moreover, pricing has a disproportionate impact on a distributor’s enterprise value, with an increase of 20 percent for a one-percent increase in price.”

“The highly competitive and increasingly digital landscape of consumer buying today requires that distributors and retailers analyze things like minimum advertised price, psychological price points, willingness-to-pay measurement, and even list and net pricing, as well as macroeconomic influences before setting prices,” said Cliff Isaacson, Blue Ridge Executive Vice President of Product Strategy. “Machine learning-based pricing tools allow our customers to make those decisions swiftly and confidently, so they can always operate at max-profit point.”

Blue Ridge Price Optimization uses machine learning capabilities to continually optimize pricing across all products (not just top-tier items), segment and perfect pricing for each customer, and give distributors the upper-hand in supplier negotiations:

  • Comprehensive Pricing Strategy: Simulate different pricing scenarios and predict the impact of a price change before implementing it.
  • Competitive Positioning: Respond immediately to price changes from competitors, as well as supplier rules, segmentation, positioning and price change frequency.
  • Intelligent Analytics: Purpose-built for the distribution and retail industries, Price Optimization’s intelligent science learns from price changes and results over time to steadily improve price recommendations.
  • Customer Segmentation: Identifies customer performance, discounting and pricing opportunities based on willingness-to-pay and past performance.
  • Rapid Results: In under 90 days, businesses can have intelligent Price Optimization recommendations for achieving both short-term and long-term S&OP goals, continually refined year after year.

Price Optimization joins Blue Ridge’s suite of Supply Chain Planning solutions, which help customers increase forecast accuracy, improve customer satisfaction, and assure product availability to customers without creating a costly inventory surplus.

“Price Optimization combined with Supply Chain Planning solutions creates a huge financial game-changer for retailers, distributors and manufacturers in today’s volatile market,” said Jim Byrnes, Blue Ridge Chief Executive Officer. “It uniquely blends science and synchronization to solve our customers’ biggest problem – what they don’t know. With Price Optimization, our customers have the insight to pivot quickly and grab significant near-term savings; shape and align longer-range S&OP processes; and consistently deliver pricing that’s both competitive and profitable.”

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Ecobank Group and JA Africa partner to promote financial literacy skills among Africa’s youth

Segun Balogun

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Junior Achievement (JA) Africa and Ecobank Group announce their new partnership- “Banking on Africa’s Youth.” The partnership will undertake a campaign that will tap into JA’s vast online community, comprising over one million young social media followers spread across Africa. It will educate and mobilize over 600,000+ young people with financial literacy knowledge, as part of Ecobank’s Junior Savers initiative which in part seeks to grow financial inclusion for young Africans using Ecobank’s mobile/digital resources.

The purpose of the online campaign is to empower potential and existing Junior Savers account holders with the requisite financial literacy knowledge to understand and begin to build a culture of savings as part of their personal financial habits. The campaign targets youth groups, online influencers, and communities with knowledge of some basic financial concepts.

“The Ecobank Group is committed to building financial literacy and money management skills amongst the youth as they transition into Africa’s productive workforce,” said Nana Araba Abban, Group Consumer Banking Head at Ecobank Transnational Incorporated. “Our collaboration with JA Africa will enable us to positively impact young citizens who are our investment in the future of the continent.”

The value for customers will be expanded to include financial literacy concepts: earning, budgeting, spending, and banking. The campaign will involve participants advancing progressively through the four concepts. JA Africa will launch the campaign to reach different youth groups in Ghana, Kenya, Nigeria, Cote d’Ivoire, and Senegal through all its media outlets over a period of three years.

Speaking about the program, JA Africa’s CEO, Elizabeth Elango Bintliff, said, “This partnership with the Ecobank Group reinforces both JA Africa’s and the banking group’s commitment to financial literacy and inclusion for all Africans, especially the youth. We believe in educating a new generation of leaders with the knowledge they need to navigate their economic futures while giving them the tools to succeed.”

Africa’s youth today are growing up in a new financial world where technology plays a big role in in their lives. This partnership will go a long way to reach and influence behavior of millions of unbanked young people on the African continent by giving them the requisite financial literacy skills to become financially informed adults in the future. According to the World Bank 2018 report, young Africans are less likely to have a bank account than adults on the continent. At the same time, they are more likely to have a mobile phone, engage with friends and be aware of digital channels. Current technology channels, especially social and digital media, provide the avenue to reach and engage young people at scale. The campaign therefore seeks to leverage technology to achieve its goals.

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